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Matt, Home Buyer in Ohio

$15,000 Tax Credit Clarification

Asked by Matt, Ohio Sat Feb 7, 2009

I purchased a new home back in September 2008. I understood that the previous $7,500 tax credit applied strictly to first time homebuyers for homes purchased between Apr 2008 through July 2009. This wasn't our first home, so as it stood at the time, we would not have qualified for the credit. With this new $15,000 tax credit being approved, it is my understanding that it applies to all homebuyers, not just first time homebuyers. Do I qualify for this credit since I purchased this home back in September 2008. Or does this credit only apply to homes purchased in 2009. Also, if I do qualify, will I be able to claim this on my 2008 tax return?

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Hi Matt, I would check with your lender....regarding the $7500 tax credit...even though it was not your first home purchase, if you had not purchased within the last three years you would be eligible. As for the $15,000 credit being discussed right now, it will be for homes purchased going forward...not retroactive..again this is to stimulate the current lag in home sales and stimulate the economy.....Good luck...check out our team website..sign up for our market snapshot and you can monitor the real estate market and neighborhood around your new home. We will send you a FREE monthly report via email...!! Thanks
0 votes Thank Flag Link Sun Feb 8, 2009
Hi Matt. First off, anyone that hasn't owned in the last three years would be considered a first time buyer. I don't know if that fits your criteria but if it does, great. As for the new package, we in the industry are hearing the same things you are. That it will apply to only new buyers, that it will be for All buyers, that it will be retroactive, etc. Until it gets signed into law and the smoke clears, we don't know. I will tell you that because realtors work so closely with lenders that we will be among the first to get the details as they become available. Make sure that you stay in touch with your realtor. If, for some reason that is not feasable, send me your email address and as the info becomes available, I will forward it along. Good luck.
0 votes Thank Flag Link Sun Feb 8, 2009
Hi Matt,
Look at your tax forms, better yet have them done by a professional. ( I do think you are correct that the 7500 applies to first time buyers. The rumor about the 15,000 in 2009, is that your home purchase must be your primary residence, and the amount is 10% of the purchase, with a $15,000 cap.) Looks like either way, you just bought at the wrong time. I have many other clients who biught just before the $7,500 offer came into play. I know this is frustrating. We as realtors wish everything would be made clearer, and that incentives would be somewhat consistent. Buyers are waiting to buy, because todays great DEAL is tomorrows not so great deal. The incentives, right now are causing more confusion than action. Remember, the reason to buy a home is it is the only investment you can live in. Best advise, take excellent care of your investment, and eventually it will pay you back. Keep updating! Best of luck Matt
0 votes Thank Flag Link Sat Feb 7, 2009
Of course we are all "hearing" different things and the bill has not been finalized, but as i understand it the credit only applies to houses bought in 2009 and they talked about it being retroactive to Jan.1st. Once again, it has not passed the Senate yet, but the Republicans are for this as it will immediately help the housing industry. Keep reading the news.
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0 votes Thank Flag Link Sat Feb 7, 2009
We will all know once it gets all the way through and gets signed into law. Right now it is a work in progress. At the moment there is no 15,000 tax credit it is just someting on the table!
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0 votes Thank Flag Link Sat Feb 7, 2009
Hi Matt, As I understand it, this credit would apply if you had not owned a home in the past 3 years. Your best bet is to contact your lender for specific details about this tax credit and all the details. Good luck.
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0 votes Thank Flag Link Sat Feb 7, 2009
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